LearnUpon, a startup which provides Learning Management System (LMS) for corporates to use for development and training, has raised $56 million from global growth equity firm Summit Partners.
The Dublin-based company plans to use the funds to drive the continued investment in its team and platform to continue helping businesses worldwide unlock the power of learning.
Founded in 2012, LearnUpon helps enterprises democratize learning by increasing adoption and engagement across their organizations. Its powerful learning management system helps businesses get more out of corporate learning with a scalable solution built to deliver high-quality learning experiences to multiple audiences – all from a single, intuitive, and integrated platform.
LearnUpon is designed to enable more efficient delivery, tracking, measurement, and certification across numerous learning use-cases, including employee development, customer onboarding, partner education, and compliance training. The company currently has offices in Dublin, Philadelphia, Sydney and Belgrade and its platform is used by over 1,000 customers worldwide.
Announcing and commenting on the funding, Brendan Noud, Co-founder and CEO, LearnUpon, wrote in a blog post,
“We believe every learning opportunity should be an experience that advances employee, partner and customer success, and our platform is purpose-built to help organizations of all sizes achieve this goal. We chose Summit Partners due to their previous experience of scaling SaaS businesses, as well as a number of dedicated growth-focused and technology resources that will help LearnUpon build on the momentum we have established in the market. We are excited for the opportunities that this partnership will bring to our team, customers, and partners.”
Brendan claimed the company has grown its annual recurring revenues by more than 50% year-on-year for each of the last 12 quarters, which he said is fuelled by product breadth and the company’s relentless dedication to customer success.
Commenting on the investment, Antony Clavel, Principal with Summit Partners, said,
“In today’s knowledge economy, we believe corporate learning has become a key requirement for all organizations of scale – and the added challenge of remote working has only accelerated the importance of delivering learning digitally. With its modern, cloud-based learning management system, strong product development organization, demonstrated dedication to customer success and capital efficient go-to-market model, we believe LearnUpon is strongly positioned to serve this growing and increasingly critical market need. We are thrilled to support Brendan and the LearnUpon team in this next phase of growth.”
As part of the investment, Antony Clavel will join the LearnUpon’s Board of Directors, Brendan said.
LearnUpon counts Twilio, USA Football, Zendesk, and Booking.com among its customers. It currently employs 180 people, including more than 70 engineering and product development professionals. The company expects to add another 100 engineers over the next 18 months to support continued product expansion.